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On September 3rd, Riyadh hosted the inaugural edition of the 24 Fintech conference, which is considered one of the most significant annual fintech events in Asia, Europe, and North Africa. The conference brought together leading minds and experts from around the world to discuss the future of fintech in Saudi Arabia, its challenges, opportunities, and the latest financial and economic developments that contribute to the nation's digital transformation journey.
The event also welcomed the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority. It was co-organized by "Fintech Saudi" and "Tahaluf," a joint venture between the Saudi Federation for Cybersecurity, Programming, and Drones, and "Informa Global," with support from the Event Investment Fund.
During the conference, Minister of Finance Mr. Mohammed Al-Jadaan announced that the number of fintech companies in Saudi Arabia had reached 224 by the Q2 of this year, surpassing the Financial Sector Development Program's target of 168 for the same period in 2024.
He further stated that the Kingdom aims to increase the number of fintech companies to 525 by 2030, creates 18,000 fintech-related jobs, and contributes SAR 13.3 billion to the country's GDP by 2030, as outlined in Vision 2030’s goals for leading the fintech sector.
Mr. Al-Jadaan said: "We aim to reach 525 companies by 2030... Vision 2030 and the emerging projects inspired by it have contributed to this transformation in the financial industry within the Kingdom."
He added, "The share of electronic payments in the retail sector has reached 70% of all payment transactions in the Kingdom by 2023, and we aim to increase this share to 80% by 2030."
It is worth noting that Saudi Arabia, through the Fintech Strategy Implementation Plan launched by the Financial Sector Development Program over two years ago, aims to facilitate business operations, increase the contribution of the private and non-profit sectors to the Saudi economy, attract foreign direct investment, and boost local investments. These efforts also contribute to the growth of the digital economy.